Jean Palumbo

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New Strong Trend in Home Sales for 85249 Zip Code Real Estate Market

Posted On: October 12th, 2016 8:35PM

On top of a 4.0% jump in sales over the last 30 days, the 85249 zip code market extended a three-week hot streak with a total of 103 homes sold in that span. While sales numbers rose, prices dropped. This week's reported median sales price of $349,500 continued a four-week downward trend. The rising sales and a low three months of inventory to work through mean the 85249 zip code is a seller's market, even with the decline in prices.

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Week of Sept 12, 2016

Posted On: September 14th, 2016 4:36PM

Mortgage rates rose slightly last week as markets continued to speculate on when the Fed will increase rates next. Fed Funds futures are trading at over a 25% chance of a Rate hike next week, and a 50% chance of at least one rate hike by the end of the year.

Starting this week off, Fed Gov. Brainard (a dove) will be speaking at 1:15 p.m. on Monday. Brainard will be the last Fed Speaker before the blackout period ahead of next Thursday’s FOMC meeting. With many Fed Members recently talking of a rate hike, the Brainard speech may receive special attention because she is a dove and close to Yellen. In terms of economic data releases, the week starts off slowly with no economic data due out Monday and only a few small pieces forthcoming on Tuesday and Wednesday. Thursday will most likely have the most noteworthy releases with industrial production and retail sales figures. Expectations are for a modest increase in retail sales, which would reverse the decline seen at the start of Q3, while Industrial Production is forecasted to have posted a modest decline for the first month in three. Friday wraps up the week with August CPI figures.

Economic Calendar for the week of 09/12/2016 to 09/16/2016:

Monday: N/A

Tuesday: NFIA Small Business Optimism and Monthly Budget Statement

Wednesday: MBA Mortgage Applications, Import Price Index (MoM) and Import Price Index (YoY)

Thursday: Initial Jobless Claims, Continuing Claims, Current Account Balance, Retail Sales Advance (MoM), Philadelphia Fed Business Outlook, PPI Final Demand (MoM), PPI Final Demand (YoY), Empire Manufacturing, and Industrial Production (MoM), Capacity Utilization

Friday: CPI (MoM), CPI (YoY), Real Average Weekly Earnings (YoY), and University of Michigan Sentiment

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Affordable Home Financing with VA Loans

Posted On: September 6th, 2016 9:37PM

You served your country with honor, now let the VA loan program pay tribute to your service. If you're a military veteran or an active service member, ask your mortgage advisor about a VA loan.  VA loans provide:

  • VA Purchase Loans allow eligible Veterans 100% home financing*
  • No down payment required for qualified borrowers
  • Seller contributions allowed
  • Lender/Seller credits permitted and may reduce overall investment
  • VA Interest Rate Reduction Refinance Loans
  • High Balance VA loans

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Home Sales Down in 85249 Zip Code Real Estate Market

Posted On: August 31st, 2016 6:55PM

The 85249 zip code market broke below its 12-month average sales volume this week as sales fell 5.8% to hit 81 homes sold over the last 30 days. Meanwhile, the 85242 zip code reported 146 home sales, the highest number from all the surrounding zip codes. The median sales price rose to $383,000, and there are a fairly average four months of inventory left to be sold.

 

 DEMOGRAPHIC FACTS ABOUT THE 85249 ZIP CODE:

  • The percentage of the population who rent their homes is 11.1%.
  • 10-year job market growth is projected to be 34.5%.
  • The student per librarian ratio in this area is 297:1. (803:1 = national average)

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Mortgage Market for week of August 29, 2016

Posted On: August 30th, 2016 9:31PM

Last week mortgage rates experienced a fairly strong run until Friday afternoon. Fed Chair Janet Yellen’s speech, in Jackson Hole, Wyoming, proved to be the highlight of the week as widely expected. Yellen mentioned that the argument for further tightening of monetary policy is getting stronger. The market actually rallied a bit off of the initial comments; however, Fed Vice Chair Fischer’s subsequent comments to the press were a bit more hawkish. When asked whether Fed watchers should be looking for a possible rate hike in September, and possibly for two hikes this year, Fischer said, “What the chair said today was consistent with answering ‘yes’ to both of your questions.” The market sold off following Fischer’s comments, pushing the 10yr yield above 1.60%.

This week’s domestic economic and international data and events are likely to have a bit more of a pronounced impact on markets, as expectations of rate hikes in 2016 have increased. In addition to a week full of domestic economic data, we have a number of Fed speakers, including the Fed's Rosengren, Evans and Kashkari on Wednesday, Mester on Thursday, and Lacker on Friday.

Market participants will be highly focused on their speeches to determine if the members of the Fed share a consensus and foresee raising rates this year. Overseas Bank of Japan Governor Kuroda said that Bank of Japan won't hesitate to ease policy if needed, and the European Central Bank’s (ECB) Benoit Coeure reiterated that the ECB may have to do more if governments do not act.
Economic Calendar for the week of 08/26/2016 to 09/02/2016:

Monday: Personal Income, Personal Spending, PCE Deflator, PCE Core, Dallas Fed Manufacturing Activity

Tuesday: S&P CoreLogic CS 20-City NSA Index, Consumer Confidence

Wednesday: MBA Mortgage Applications, ADP Employment Change, Chicago Purchasing Manager, Pending Home Sales

Thursday: Challenger Job Cuts YoY, Nonfarm Productivity, Unit Labor Costs, Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort, Markit US Manufacturing PMI, Construction Spending MoM, ISM Manufacturing, ISM Prices Paid, ISM New Orders

Friday: Change in Nonfarm Payrolls, Change in Private Payrolls, Change in Manufacturing Payrolls, Unemployment Rate, Average Hourly Earnings, Change in Household Employment, Labor Force Participation Rate, Underemployment Rate, ISM New York, Factory Orders, Durable Goods Orders

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